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PNB fraud case: Govt. revokes Nirav Modi's passport

The government on Thursday announced that it had revoked the passport of the absconding Nirav Modi, the billionaire jeweller who recently became notorious after defrauding the Punjab National Bank of Rs. 11,400 crore.

Law Minister Ravi Shankar Prasad also said that assets worth Rs. 1,300 crore had been seized from Modi, and a look-out-notice had been issued against the jeweller.

Here's more on the scam.

In context: PNB fraud case and Nirav Modi: A walkthrough

15 Feb 2018PNB fraud case: Govt. revokes Nirav Modi's passport

The government on Thursday announced that it had revoked the passport of the absconding Nirav Modi, the billionaire jeweller who recently became notorious after defrauding the Punjab National Bank of Rs. 11,400 crore.

Law Minister Ravi Shankar Prasad also said that assets worth Rs. 1,300 crore had been seized from Modi, and a look-out-notice had been issued against the jeweller.

Here's more on the scam.

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EscapeNirav Modi and his confidantes left India in early January

Nirav Modi, who is currently being investigated by the CBI, left India on January 1, much before the Punjab National Bank's 29th January complaint to the CBI regarding a Rs. 280.7 crore fraud.

Modi's brother Nishal, who is a Belgian citizen also left on January 1, and Modi's wife Ami, a US citizen, along with Modi's business partner Mahul Choksi left on January 6.

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FraudThe alleged fraud by Nirav Modi is India's largest

The Rs. 11,400 crore fraud, which was roughly eight times PNB's 2017 net income of Rs. 1,320 crore, came days after Nirav Modi, his brother, and his wife were booked for cheating PNB of Rs. 280.7 crore.

Following the announcement of the fraud on February 14, which is the largest ever loan fraud in Indian history, PNB's shares have tumbled about 20% this week.